Nic Spaull, an associate professor in the economics department at Stellenbosch University, and Citadel Investment Services chief economist Maarten Ackerman and chief investment officer George Herman weighed in on what to expect from the medium-term budget policy statement on Thursday. Spaull’s seven wishes from the budget are:
Cap teacher salary increases for five years but allow all teachers to write basic content knowledge tests as a prerequisite for salary increases. Currently 79% of grade 6 maths teachers can’t pass primary school mathematics tests. Data and elections: Remove budget cuts from Stats SA and the IEC. Reliable information and reliable elections aren’t worth the ‘savings’.
According to Ackerman, the economy has rebounded more positively over the past year than had been expected, “or budgeted in the February national budget, partly thanks to the reopening of the global economy supporting strong exports from the local commodities and agricultural sectors”. According to the financiers, Godongwana will need to balance providing sufficient support to policy items that drive sustainable, long-term economic growth. This includes support to those that bolster stable electricity supply, the restructuring of ports and industrial development.
“About 20% of SA’s tax revenue is already going to servicing debt, which is why the longer-term risk of a very bleak fiscal environment remains if we don’t strengthen the economy urgently and broaden the tax base.”
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Experts weigh in on what to expect from the medium-term budgetInvestment and economic analysts hope to see the new finance minister prioritise policies that grow the economy and ease SA out of its tight, debt-heavy fiscal position. For many many years our government has been passing budgets but we never knew what the budget was used for, the whole country is in ruins, unemployment is high, that budget doesn't work for South Africans,you better just steal that money quietly in your offices.
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